All Forum Posts by: Lesley Resnick

I am finished!  I have a tenant moving in next week and an apprisal coming back in the next few days.  I will provide all the details once I have the valuation.  Fingers crossed

listing on Zillow.  I have done some additional landscaping.

https://www.zillow.com/homedetails/7006-Christopher-Robin-Dr-Jacksonville-FL-32210/44431846_zpid/?view=public

Sorry for the delay in getting back with you.  The beaches are tough all around.  I own a few at the beach but have not seen anything in years that I would touch.  If you want to send me the address I will give you my opinion.

This is a big week.

The AC goes in today, the electric and plumbing will be finished and inspected this week.

All goes well, the permits will be closed out and we will get the certificate of occupancy.  Then it is time to rent.

I have an appraisal scheduled for the end of the week. I am doing a cash out refi at the end of the month for 3 properties.

I have most of my numbers together and will post them shortly.  The appraisal is going to be the final piece I ned. 

The floor and Kitchen are in place.  I am having granite countertops put in the house.  The template is made and they will be back on Monday to instal it.  In the mean time, I have the draw inspection scheduled for Monday as well.  I just need to free up some cash.  I have a number of other projects that need attention as well.

I am definitely seeing deals in Jax.

The sweet spot in Jacksonville is 100k-150k - rent in the 1k to 1.5k a month.

The market is moving fast and cash is king. If you have cash and can make a decision quickly, you can be successful. The best properties are going to need some work. If you BRRR, then expect to have a lower cash flow. You are making 20-25% in equity upon completion. The state of the market has changed and it is more competitive and less profitable than it used to be. It just means you need to be more vigilant about your deals.

Insurance - I have been seeing is around 800 for a 100k house with updates.  Roof, plumbing, electric.  Stay out of flood zones, they do not bring a premium and require additional insurance.

If you have renovated the house, your expenses should be close to zero for the next 7-10 years.   There will always be little repairs, but the 5k plumbing bill or 3k A/C bill will be avoided.

I am not a big fan of saving for capital expenses as a line item, especially in a newly renovated house.  I look at the those expenses at the time of repair.  I do have a reserve fund for the portfolio and my personal life.  It is a delicate balance, to little and I could get caught short, I save to much and I am not optimizing my growth.      

Update!!!

The floor guy is unfired.  He is doing the floor today.

The kitchen is going in on Monday.  I lost a fdew days, but there is nothing I can do.  All projects have their challanges and slow downs.

The draw inspection is schedule for Friday.  I plan to have the wall and electric completed in time.  

Thanks, 

I just hit a snag.  The weather here has been cold and rainy and my floor guy has said he cannot put in the vinyl plank.  The glue will not bond.

Here is my problem...

The kitchen goes in after the floor.

The kitchen sink needs to go in to complete the plumbing.

The back door needs to go in after the kitchen.

The back door wall will go in after the door.

The electric cannot be finished until the back door wall is complete.

AND so my project sits and waits for a warm dry day.  I am going to fire my floor guy.  He was supposed to do the floor the day before and did not, we missed a day of good weather.  

ERRRR

It is a great program, I don't think you will will qualify.  There are serious income limitations and if you already own any realestate you will be disqualified.  It is a first time home buyer program.  I would verify this with a lender.  

 Always on the lookout for a new idea or an edge.  I will go back to it on another house that did not have the slab cut for plumbing

I don't think of it as industrial.  You can get the floor in any color Sherwin Williams offers any color they make.  I was thinking I would use a color like Agreeable gray.  Tile is cold as well.

SO, here is the problem.

The materials $770

Labor $1450

Leveling and preparing the floor $2400.  After cutting the slab for the plumbing, I will need to float the entire floor to make a smooth surface. 

Total $4620

I can tile or vinyl plank for a lot less.  I am going to wait for another house with a floor that is already smooth.

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